Bitcoin Nears Key Fibonacci Level: Bullish Breakout Potential Ahead
- Bitcoin nears key Fibonacci level of $67,823; a daily close above signals a bullish breakout for further gains.
- Egrag awaits BTCs 3-day close to assess trend sustainability; holding $66,500 could trigger major moves.
- Bitcoins price is forming higher highs and lows, suggesting a possible shift from bearish to bullish market sentiment.
The recent Bitcoin trends remain captivating as the cryptocurrency has broken major levels signifying possible further events. Egrag Crypto recently shared a n X post on Wednesday, offering perspectives on the path of Bitcoin and significant events and possible directions.
Bitcoin recently touched an important daily level of $66,500. Although the target of the first day was achieved, the next cycle, which is the 3-day closure, is the most important in order to assess the sustainability of the trend. Analysts are now waiting to see if the leading cryptocurrency will be able to hold this level for one day and 18 hours remaining before the closing.
Bitcoins Key Fibonacci Resistance
Bitcoin hit a vital Fibonacci level of .786 which is at $67,823 and that led to resistance. This is the resistance point to look for as any daily close above this level is a clear bullish indication. The current price is still ranging between the 0.702 of the Fibonacci level ($65,954 to $67,823) which is seen to be good for the future price trend of the cryptocurrency. Consolidation in this range tends to be viewed as positive in terms of price consolidation prior to a break out.
Current price trends also indicate that a trend reversal may be in the offing. The price of Bitcoin is gradually making higher highs and higher lows, which are the key patterns that may signal change from bearish pressure to bullish pressure. These patterns indicate that BTC is likely to undergo a major upward move, however conditions have to be right for this to happen.
There is one important concept that is the Bitcoin should not break a certain level of support known as the No-No Zone. If BTC price goes below this area, it means that bears may come back into play, so everyone is watching this level closely.
Bitcoin Market Outlook
While there is always the possibility of short term fluctuations, experts continue to be positive about the structure of the Bitcoin market. BTC has a price of $67,756 at the moment and has risen by 3.04% in the last one day. This rise marks increasing trend in the cryptocurrency market which is backed up by high demand and trade volumes. In the past week alone, BTC has been on the rise, in fact, it has appreciated by 8.66%.
Source: TradingView
In the meantime, BTC has become more optimistic in the recent period, with key levels being considered. The market is now expecting these signals to be followed as Bitcoin is nearing the three-day close, which is a possible turning point of the BTC to move further.
Read more: https://www.tronweekly.com/bitcoin-nears-key-fibonacci-level-bullish/
Text source: TronWeekly
